Montreal, Québec, December 16, 2019 – Harfang Exploration Inc. (“Harfang” or the “Corporation”) (TSX-V: HAR) announces today the closing of a non-brokered private placement.
The private placement of $624,468 (the “Placement”) consists in the issuance of:
- 800,000 units (the “Units”) at a price of $0.25 per unit for an aggregate of $200,000, each Unit being composed of one (1) common share of Harfang (“Share”) and one half (1/2) common share purchase warrant, each whole warrant entitling its holder to subscribe to one (1) Share at a price of $0.40 per Share during a 24-month period; and
- 1,414,893 flow-through common shares (the “FT Shares”) at a price of $0.30 per share for an aggregate of $424,468.
Insiders of the Corporation have participated to the Placement of the Units for proceeds of $2,500 and to the Placement of the FT Shares for proceeds of $14,999.10. The insiders of the Corporation subscribed under the same terms and conditions as the other investors. The participation of these insiders is exempt from the formal valuation and shareholder approval requirements as per Sections 5.5(a) and 5.7(1)(a) of Regulation 61-101 respecting Protection of Minority Holders in Special Transactions. The exemption is based on the fact that the market value of such participation or the consideration paid by such insider does not exceed 25% of the market value of the Corporation.
All securities issued in connection with this Placement are subject to a hold period of four months and one day. The Placement is subject to the final approval of the TSX Venture Exchange.
Finders fees of $7,835 were paid to third parties dealing at arm’s length with Harfang.
The proceeds of this Placement will be used for the exploration expenditures and working capital.
Harfang is a mining exploration company whose primary mission is to discover new gold districts in the province of Québec. Harfang’s development model is based on the generation of new mining projects and on the establishment of partnerships with major exploration and mining companies to advance its exploration projects. For further information, please consult Harfang’s website at harfangexploration.com.
This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in Harfang’s periodic reports including the filings made by Harfang from time to time with securities regulatory authorities.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction. The securities described herein may not be offered or sold in the United States absent registration or an exemption from registration.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information, please contact:
Harfang Exploration Inc.
François Goulet, President and Chief Executive Officer
Tel: 514 940-0670 #339